Algexia

Would you like to work in almost perfect conditions: gaining access to a wide range of trading instruments, working in a terminal with virtually instant execution? Do you need qualified support 24/5, access to the best analytical and educational materials? Yes, all of this is offered by the CFD broker Algexia. It might look appealing, but the platform is created by scammers, and recovering the money invested here’s impossible. Read more about this scam project in our review.

Overview of Algexia

To gather information about the broker you plan to work with, various sources can be used. We believe that the best ones are official, so we began our acquaintance with Algexia from its website.

Broker History

Algexia is certainly not modest on its official website, promising traders numerous benefits. However, amid these intrusive advertising texts, there is almost no confirmation of the stated facts. For example, we couldn’t find any information about the company’s origin and registration date. Descriptions of achievements and awards (even though it is claimed that the broker has received them repeatedly). The only things available are some statistics, but they require verification. We will return to these issues later.

Algexia.net Website

For now, let’s try to evaluate the official website. It didn’t make a positive impression on us. Perhaps some may think that its design is quite suitable. We might agree, understanding that it is not about a third-rate project but something corresponding not to the third but the fifth or sixth tier.

We won’t even mention the information value of this creation. It is practically equal to 0, as is common with most scammers, and we are beginning to get used to it. It is enough to pay attention to the flaws made by the creators of this resource:

• Trying to see what awaits a trader when performing financial transactions (Deposit Funds in the Trading menu), the user encounters failure, receiving the message “Missing Api Token.” Why are we not surprised by issues with one of the most interesting points for traders?
• The statistics also have their issues. While the main page mentions 1.5 million active accounts, “About Us” page only talks about 1.1 million. We would agree that the second number is smaller, as it relates to June 2021. However, then we have to believe that the company was established earlier, and we have deep doubts about that.
• On the main page, they promised over a thousand available trading instruments, but on the page with account types, it’s limited to 250+.

There are many more inconsistencies on Algexia’s official website. Can we trust a platform with figures that literally differ from page to page? A question everyone should answer for themselves.

Registration Process and Personal Account

The registration process for a new client raises several concerns. The broker claims that opening an account can be done in less than 60 seconds.

Prospective clients are required to fill out a small form, providing information for the following fields:

• First and last name.
• Email address.
• Password.
• Country of residence (chosen from a list, which also determines the phone number prefix).
• Phone number.
• Account currency (chosen from a list including USD, EUR, GNP, AUD).
• Promo code (if applicable).

Additionally, users must confirm that they have read and accepted the Terms & Conditions and are not a resident of the United States.

Here, most legal requirements of many countries and regulatory documents are violated. It’s worth noting that Algexia:

• Collects a minimum of personal data. Specifically, the broker does not require the user to input their residential address or fill out a questionnaire that would determine the client’s status as a retail or professional investor.
• Does not verify the contact details entered by the user.
• Does not provide access to important documents such as Privacy Policy and Risk Disclosure.

Therefore, immediately after filling out the form, a user gets an active account and can access their personal client area. Accessing the personal account can be done directly from the trading platform, and there’s nothing unusual here. The standard set of functions allows users to:

• Edit profile data, change passwords, and enable 2FA.
• Submit documents for verification.
• View the history of financial transactions and trading operations.
• Fund the account and submit withdrawal requests.

At first glance, everything seems fine. However, in the profile section, users cannot change their data independently; they need to contact the company’s support representatives. Moreover, there is no option to input an address here, which the broker intends to verify during the verification process. Algexia also does not conduct a verification of the user’s contact information.

In short, Algexia has used a pre-designed template but has not completed the security features. However, such an approach is quite typical for scam brokers.

Trading Platform

The trading platform also doesn’t appear to be anything interesting. Its foundation is the TradingView widget with price charts, around which developers needed to create a quality interface. However, they did not succeed in this.

There are several questions for the terminal creators:

1. Why not provide the ability for the user to adjust the number of available assets in each group?
2. Why not allow users to save platform and price chart settings? This would save users time from manually restoring the configuration after each new session or reestablishing lost connections with servers.
3. Why not permit the connection of new modules (indicators and trading robots) created by the user? This would give Algexia clients the opportunity to significantly increase profitability.

However, for a scammer, these questions are irrelevant. The more losses the trader incurs, the more significant their profit. Therefore, improving the terminal is clearly not in their best interest.

Contacts

On “Contacts” page, all possible communication options for users with support representatives and other company specialists are listed. The list includes:

• Feedback form.
• Phone +44 203 8181021.
• Email address support@algexia.net.

Algexia also provides its mailing address: A Half, Devonshire Square, London EC2M 4UJ, United Kingdom. There are certainly questions about it, especially why the company doesn’t display the room/office number. Perhaps it’s just a rented virtual office, and spending 100-150 euros on it is not a big deal.

There is no link to any social media groups or channels on the page. The lack of interest in social media may be due to the fact that no one expects the broker to exist for a long time. In this light, spending time and resources on creating public pages would be considered irrational by its owners.

Analysis of Services Offered by Algexia

For traders, the broker’s offerings in terms of trading conditions, fund transactions, etc., are of significant interest. Let’s see what Algexia tries to attract clients with.

Funding and Withdrawal

We have already mentioned that the description of deposit methods turned out to be inaccessible. In the client’s workspace, things are not better. When attempting to send funds to the deposit, the list of payment methods turns out to be empty.

Accordingly, the balance can only be replenished with the assistance of support specialists. This is a standard step for scammers who try to keep their details secret from financial and tax authorities.

The only place where we can see the available payment methods is their list in the withdrawal request section in the personal account. Users have access to:

• Bank transfers.
• Credit/debit cards.
• Cryptocurrency wallets.
• Other methods.

However, the conditions for fund transactions are also not disclosed here. This step is also in the style of scammers who have no intention of returning funds to clients.

Algexia Trading Conditions

Certainly, the main interest for traders lies in the trading conditions. You can find them on the Algexia website only in the account types table and only partially. The broker publishes only deposit sizes and spreads, commissions, and the number of assets available for trading.

In total, the company offers clients 5 tariff plans:

• Starter with a deposit from $1,000, spreads from 2 pips, and a trading commission of 10%.
• Silver with a deposit from $5,000, spreads from 1.8 pips, and a trading commission of 7%.
• Gold with a deposit from $25,000, spreads from 1.5 pips, and a trading commission of 5%.
• Platinum with a deposit from $50,000, spreads from 1.3 pips, and a trading commission of 3%.
• VIP with a deposit from $250,000, spreads from 1.1 pips, and a zero trading commission.

Algexia does not publish other options. Traders will have to figure out the rest of the trading conditions on their own when making transactions.

Is Algexia Trustworthy and Reliable

We have examined all aspects of the broker’s operations. The only thing left is to consider official information about the company.

Assessing Legitimacy

No information about the company’s location is available, except for a phone number and address on the contact page. They are related to the United Kingdom, so we will conduct verification through the Companies House database.

As expected, there’s no data about the firm in the British registry. There is no other legal information on the website. It turns out that Algexia has neither official registration nor, naturally, a license. The provision of brokerage services is illegal, and it does not conduct any trading activities.

Established Track Record

All that remains is to check how long the company has been in existence online and whether the provided Algexia statistics are real. For this, we will use the whois service, which provides information about the domain registration date.

As we can see, the domain was registered in August 2023. This means that the broker has been in existence online for no more than six months. Therefore, the statistics provided for 2021 are entirely fictional. The latest information about the current number of users is also questionable. 1.5 million accounts in six months is an unattainable result even for the most visited sites, let alone a third-rate pseudo-broker.

Implications for Traders

There is no doubt that Algexia is a CFD broker created by scammers with the sole purpose of misappropriating traders’ money. This is confirmed by the lack of official registration and a license, publication of unreliable data, and the opacity of financial transactions. To avoid losing funds invested in this company, we recommend avoiding any dealings with this pseudo-broker.

Strengths and Weaknesses